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|Flood insurance deal?|
|Written by Gillian Smith|
|Wednesday, 30 October 2013 11:29|
Key lawmakers have reached a bipartisan deal to delay changes to the Biggert- Waters flood insurance program.
State Senator Robert Hedlund issued a statement Monday afternoon, saying he is encouraged by the news.
“This is great news for our efforts to stop the devastating impact the new flood insurance law and maps will have on policyholders in my district and Massachusetts,” Hedlund said.
Hedlund, whose district includes Duxbury, Hingham, Hull, Marshfield, Norwell, Scituate, Cohasset and Weymouth, referred to several concerns he has about the new flood insurance law, including the absence of an affordability study, a lack of provisions to address unaffordable rate increases, reimbursing policyholders for costs associated with appealing the maps and making sure FEMA certifies the maps are accurate.
The Biggert-Waters Flood Insurance Reform Act of 2012 made a number of changes to the way the National Flood Insurance Program works. Flood Insurance Rate Maps have been updated to reflect changing weather patterns, erosion and development that can affect floodplain boundaries. Many Massachusetts properties have been included in teh new flood hazard maps, requiring homeowners who did not need flood insurance previously to purchase it.
While Hedlund is pleased other lawmakers share his concerns, he said he is still not entirely satisfied.
"I still need to see the details of the deal to make sure every policyholder that should be protected by this delay will be protected," he said. "With that assurance, I encourage Congress to pass this delay as soon as possible, so that Massachusetts policyholders can breathe easy knowing they won't be forced to sell their home or face financial disaster."